Prof Emanuele Bracco

Rising public debt is intensifying fiscal pressure across France and other advanced economies, but cancelling government bonds held by central banks offers no genuine economic relief. Such cancellation largely shifts liabilities within the public sector while potentially undermining market credibility and raising borrowing costs. Sustainable debt management ultimately depends on stronger growth, credible deficit reduction, and effective burden-sharing rather than accounting solutions

Lower fertility may not automatically weaken economic growth. Historical evidence suggests that labour scarcity can stimulate automation and productivity, offsetting a smaller workforce. However, today’s ultra-low fertility is unprecedented and could eventually reduce the number of innovators and ideas, making its long-term economic consequences highly uncertain.

Falling birth rates may have less to do with family incentives than with housing. Evidence from several countries shows that housing affordability, access to homeownership, and mortgage conditions play a major role in fertility decisions, suggesting that housing policy should be viewed as a key demographic policy.